The team was founded in 2004 as the Riley Technologies factory team, with title sponsorship from bank holding company SunTrust. In 2004, Wayne Taylor and Max Angelelli finished second in the Daytona Prototype teams championship. In 2005, the duo won both the Daytona Prototype team and driver championships. For the 2007 season, Riley and Wayne Taylor split ways, and Wayne Taylor Racing continued with the #10 SunTrust Racing entry.
Wayne Taylor retired as a driver for the 2008 season, with Michael Valiante joining the team. That year also saw a switch to a Dallara chassis. In 2009, Ford engines were adopted, and Brian Frisselle became the second driver. In 2010, Ricky Taylor, son of Wayne Taylor, partnered with Angelelli, achieving a race win and seven podium finishes, ultimately finishing as runners-up in the championship. The duo continued to achieve success in 2011, securing three race wins and eight podiums, again finishing as runners-up with SunTrust Racing and Chevrolet engines. After adopting the Corvette DP3 chassis in 2012, they secured three wins, finishing 6th in the driver standings.
In 2013, Wayne Taylor Racing lost the SunTrust sponsorship. Ricky Taylor departed, replaced by his brother, Jordan Taylor. Angelelli and Jordan Taylor went on to win the final Daytona Prototype championship before the merger of Grand-Am and the American Le Mans Series in 2014, winning five races including the final three. In 2014, Angelelli entered semi-retirement, participating in endurance events, while Ricky Taylor rejoined the team to drive full-time alongside Jordan.
During the 2023 IMSA SportsCar Championship season, Filipe Albuquerque and Ricky Taylor finished 2nd in the standings, missing the championship after a collision with championship rival Pipo Derani in the final hour of the race.
Before the start of the 2023 IMSA SportsCar Championship season, Wayne Taylor Racing announced a partnership with Andretti Autosport, with Andretti playing a role in the team's operation and leadership. They also stated a long-term goal of moving into Andretti's new headquarters in 2025. In 2024, with Meyer Shank Racing not participating in the IMSA season, WTR expanded their GTP program to two cars, fielding the No. 10 and No. 40 Cadillac V-Series.R entries. Jordan Taylor joined the team full-time, and Louis Delétraz was promoted to a full-season drive in the No. 40 car. WTR also fielded a Lamborghini Huracán GT3 Evo 2 in the GTD class with Kyle Marcelli and Danny Formal. In 2025, WTR switched to Cadillac while retaining their GTD Lamborghini effort.
Wayne Taylor Racing has achieved victories in prominent endurance races, including the 24 Hours of Daytona (2005, 2017, 2019, 2020, 2021), the 12 Hours of Sebring) (2017, 2024), Petit Le Mans (2014, 2018, 2020), and the 6 Hours of Watkins Glen (2011, 2016, 2022).
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